THURSDAY'S PERSONAL FINANCE STORIES

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CBSMarketWatch

It's been more than 30 years now since an oil embargo forced Americans to confront their growing dependence on fossil fuels. Gas went from 20 or 30 cents a gallon to 70 or 80 cents, seemingly overnight. Shortages were everywhere and service-station lines could get long, testing tempers.

And, gosh, look what 30 years has done for us: The proliferation of solar power, the harnessing of wind energy, the continued development of cold fusion ... oops.

What have we really learned in 30 years? Just about nothing. We're no closer than we ever were to beating our addiction to oil, about 60 percent of which now comes from foreign sources. We have dabbled in nuclear power, but there's always that Three Mile Island thing.

As columnist Paul Erdman points out in the first of three articles on this subject, the United States -- and the world -- is headed for oil-related disaster. And this time the pain is likely to make the early 1970s seem downright pleasant by comparison. Read his views, plus catch up on the latest economic news that includes mortgage, productivity and spending numbers, on Thursday's Personal Finance pages.

We have made great strides in energy efficiency in many areas, including light bulbs, appliances, even houses. Where we are most lagging, and where oil troubles are going to hurt the worst, is sitting right there in your garage.

Steve Kerch, personal finance editor

The looming oil crisis will dwarf 1973

As the price of crude oil keeps rising toward $40 a barrel and beyond, it has become increasingly clear that the world is heading toward a major oil crisis -- in terms of both price and supply -- that will dwarf that of 1973. See Paul Erdman

Shoppers curb spending in April

Shoppers curbed spending in April after three robust months at the stores and left many retailers holding the bag with disappointing results. See full story

U.S. mortgage rates up for seventh straight week

Mortgage rates jumped again this week, the seventh consecutive hike, as a looming Fed interest-rate boost pushed yields higher across the board. See Mortgages

Greenspan sees gradual adjustments

The large gap between U.S. savings and spending isn't likely to explode in a crisis, Federal Reserve Chairman Alan Greenspan said Thursday. Greenspan again discounted the probability that a housing bubble had developed in the United States, which could force heavily indebted homeowners to severely cut back their spending if prices were to fall or incomes were to fall abruptly. See full story

Q1 U.S. nonfarm productivity growth pegged at 3.5%

Productivity in the U.S. nonfarm business sector rose at a 3.5 percent annual rate in the first quarter, the Labor Department estimated Thursday. The gain was in line with the consensus of Wall Street economists. See full story

More firms investing in health-literacy programs

Ninety million people, or almost half of all American adults, have trouble understanding and acting on health information, the study said. The consequences of poor health literacy added an estimated $32 billion to $58 billion in health-care costs in 2001, according to the Center for Health Care Strategies. See Vital Signs

Study: Five nations differ in best, worst health care

Despite claims of health-care superiority, the United States is as patchy in its quality as four other industrialized, English-speaking countries, according to a study. See full story

Low-income students face college-cost crunch

Current financial-aid levels aren't enough for low-income families to cover rising tuition costs let alone living expenses and books, according to a report by the Institute for Higher Education Policy and the nonprofit Scholarship America. See full story

Vanguard tries to revive flagging U.S. Growth fund

Once a flagship of The Vanguard Group's large-growth stock funds, its U.S. Growth Fund has been dead in the water for some time. See Mutual Understanding

Fund-tracking firm Morningstar files for $100 million IPO

A company that has made its reputation rating mutual funds and now stocks will give investors a chance to rate it: Chicago-based mutual fund tracking and research firm Morningstar filed Thursday to raise up to $100 million in an initial public offering. See full story

Bears ahead by a claw

The veteran letters are only one claw more bearish, but the bears are very bearish indeed. See Peter Brimelow

Canadian fund manager sees value in U.S. small caps

Change has been good for Peter Hodson. The manager of the Synergy Canadian Small-Cap fund used to have a penchant for riskier investments. But when Toronto-based financial services giant CI Mutual Funds bought Synergy last year, Hodson's small-company stock fund became more conservative. See The Stock Pickers

The 'true cost' to own a new car

One of the most difficult questions to answer when buying a car is how much it will cost a buyer over time -- in maintenance and gas, for example. Fortunately, a calculator developed by auto Web site Edmunds.com can help. See Marshall Loeb's Daily Money Tip

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